Calculate the amount and the compound interest when $R s 16000$ is invested for 3 years at the rate of $5 %$ p.a compounded annually .

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Solution

$P = 16, 000$
$r = 5 % p a$
$n = 3$ year

Compound sum $= P {[1 + \frac{r}{100}]}^{n} = 16000 {[1 + \frac{5}{100}]}^{3}$

$= 16000 [1.05]^{3} = 18522$

compound interest $= [18522 - P] = [18522 - 16000]$

compound interest $= 2522$

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Calculate the amount and the compound interest when Rs16000 is invested for 3 years at the rate of 5%p.a compounded annually .

P=16,000r=5%pan=3 yearCompound sum =P[1+r100]n=16000[1+5100]3=16000[1.05]3=18522compound interest =[18522−P]=[18522−16000]compound interest =2522

Calculate the amount and the compound interest when $R s 16000$ is invested for 3 years at the rate of $5 %$ p.a compounded annually .

$P = 16, 000$
$r = 5 % p a$
$n = 3$ year

Compound sum $= P {[1 + \frac{r}{100}]}^{n} = 16000 {[1 + \frac{5}{100}]}^{3}$

$= 16000 [1.05]^{3} = 18522$

compound interest $= [18522 - P] = [18522 - 16000]$

compound interest $= 2522$